Businesses vary and the insurance cover needed needs to be tailored to suit. Having the right cover is vital to protect the public, employees, directors and officers, and the shareholders. Generally, you will need to have Public and Employers Liability cover. If you design and manufacture goods you should also have Products Liability.
If your products have patents and or trademarks you should also consider cover for enforcing these rights against businesses trying to copy or utilize your intellectual property.
If you provide a service or advice you should also consider Professional Indemnity cover. In addition, you need to cover premises, property improvements, stock, tools and equipment, computer systems, data, and software. You may also need to cover raw materials on route to you and goods in transit being delivered to your customers.
Clearly, in a business, you have some variable costs and a lot of fixed costs. If you could not trade as a result of circumstances beyond your control you should have Business Interruption as part of your business insurance. This will allow you to pay your employees and essential overheads whilst you get back up and running. Business Interruption also covers you for loss of profit.